Bitcoin (BTC) continues its upward movements, but experts are warning of signs of overheating.
According to the on-chain analytics platform CryptoQuant, the cryptocurrency market is showing signs of overheating and may face a correction.
CryptoQuant’s indicator, which shows the bull and bear market cycles, has entered the “Overheated Bull” phase with Bitcoin’s price rising above 65,000 dollars. Additionally, the high profitability of Bitcoin miners also signals overheating in the market.
Miners have been conducting their operations with the highest profitability since December 2023.
CryptoQuant also identified the unrealized profit ratio of investors reaching 57% as a signal. According to the data, this level has often been seen prior to previous corrections.
Finally, it is predicted that the highest profit ratios for short-term Bitcoin investors since February 2021 and potential selling by this group may trigger a correction.
According to CoinGecko, Bitcoin is currently trading at 68,415 dollars.
